The City has no European rival — that does not mean it’s safe

Banks are spreading their bets, and their headcount, out across the continent in the wake of the Brexit vote

Instead of picking one EU centre in which to relocate City jobs, many of the big investment banks are deciding to spread the posts among several cities
Mark Airs / Getty Images

By

David Wighton

April 16, 2018 Updated: 7:25 a.m. GMT

Don't worry too much about a Brexodus of City jobs, said the optimists. There are many cities competing to be an alternative hub for financial services in the EU. So none will build the critical mass needed to challenge London.

Well, the optimists were partly right. It is clear that the City spoils will be divided among many EU centres. The lost jobs will go not just to Frankfurt, but also to Paris, Dublin, Amsterdam, Luxembourg, Milan and Madrid. So none will reach the scale to rival London's status as the financial centre...